bizzybee
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If I was you I would just apply for bankruptcy. Other than that consolidate your bills to one monthly payment, off one of those adverts.
I feel really sorry for you. You can't pay what you haven't got, and putting yourself in an early grave shouldn't be an option.
I hope you can sort it out.
Look at the websites below
http://www.insolvency-advice.co.uk/
http://www.www-bankruptcy.co.uk/free-bankruptcy.htm
I heard an advert today, that can freeze the interest on your debts and loads of other stuff.
Try Debt Matters
http://www.debtmatters.co.uk/?engine=overture!5757&keyword=debt+matter |
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Philip S
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The govt always gets theirs first. Never forget that, so you're tax bill will be paid.
You could consolidate your loans, sell your house - I assume you have two mortgages on one property - and move into a cheap apartment.
You could find another line of work. Whatever you're getting paid, at 80 hrs a week, isn't cutting it.
File for BK, if you have to - but be prepared to suffer for it for a long long time. |
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alginon77
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2 morgages hope 1 is not the Ex`s as if it is she is getting a free ride and her new man is liveing there at your expence |
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DemonicaB
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Hi
Are you in the UK? If so then start reading the message boards at www.moneysavingexpert.com (totally free by the way).
It's helped so many people get out of debt and you'll have lots of support from people either in your situation or who have gotten out of it and now debt free.
Wishing you the best! |
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pinkfairy
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i suggest u go to the citizens advice bureau. Or declare yourself bankrupt, get all the debt written off and start again! |
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Martin14th
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First problem is not to raise extra cash but to cut what you are spending, have a look at the website below, some great advice there.
Do you have a spare room you can rent out?
Any promotion going at work?
slow down a bit though, 80 hours a week is too much for anyone.
Speak to your mortgage lenders about your current situation, you may be able to take a short payment break or extend the loan period thus reducing the payments.
Speak to the tax people about spreading the cost over a period of time. |
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Jane S
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I hate to answer with a question but why 2 mortgages? Do you have 2 houses if the answer is yes surely it would be better to sell one |
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LADY__LUCK
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Sell one of your houses would be a good start, there is no point hanging onto something you can't afford |
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rebs2586
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If this bill has come from The Revenue, then have you spoke with them to explain your current circumstances. This may well help? As they can be reasonably flexible. If not then what about selling a property? You really only need one roof?? |
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kris g
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give the tax man a call and xplain your circumstances. u should be allowed to offset your tax bill and pay it in smaller instalments. it worked for me. you can only try. hope this helps, good luck. |
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Steve-Bob
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About the only thing I can really see which you might be doing wrong is the two mortgages. That sounds quite a strange situation, and you might be better with just one. Getting rid of one might be expensive though, as it will cost you to make an overpayment to pay it off. There are various TV adverts about consolidating your loans, to pay off less per month, but be warned that they have much longer periods of paying, and will end up costing you more overall. If you have no other option you may need to go for it though.
The best thing to do in the short term is to talk to your creditors (i.e. the mortgage providers and I'm assuming Inland Revenue). You won't be the first person to not be able to pay a bill, and if you talk to them about your financial problem, they should help you find a way to pay it back (i.e. smaller instalments for a longer time or something). You really need to talk to them though, as you can't earn any more cash, so all you can do is spend less per month (and unless you lead an extravagant lifestyle, the only way to cut down your outgoings is to pay off less debt per month).
Good luck mate. |
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FIONA S
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the citizens advice bureau might b able to help work out a debt management plan. it is everybodie's interest that you don't go bankrupt so the people to whom you owe money should be amenable to a sensible plan |
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stopccdebt
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I would recommend speaking with a credit counsellor. This is a charitable service that is free in the U.K. They may not be able to help you avoid bankruptcy if your situation is too bleak, but if you can avoid it, they should be able to help. At any rate, at least you will know where you stand.
There are four free services throughout the U.K. Here is their contact info: |
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John
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I'm guessing the two mortgages are on one house not two. Too simple to just say sell one house. Have you looked at the option of refinancing your house. I don't know what time of mortgage you have but if it's a standard fixed rate then you might be able to do a little bit by refinancing into some type of a 3 or 5 year arm type of loan product. Much lower rates for the first 3 to 5 years but the rate goes way up after the initial 3 to 5 years. But be careful with that because if you don't think you will be in better shape in 3 to 5 years then that may just move the stress to later down the road. Plus to get the mortgage at no large cost you would have to accept a higher interest payment.
There is no quick easy solution and if it looks like there is it will probably cost you more than it will save.
One thing you can do is talk to your creditors. Let them know that you are having difficulty and that you want to pay your bill. Often they will work with you to find someway to structure the payment to help you meet the payment rather than going into bankruptcy. If you go into bankruptcy they get little to nothing. If they work with you to find some way for you to pay your bill in the long run they win out and are able to help you out.
Best of Luck |
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cheff57
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rob a bank |
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troythom
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There is no quick fix. Trust me. Been there, tried them all. If you are already working 2 jobs, I don't see much time available in your life to raise extra cash. I am sure you have already eliminated as much excess spending as possible. Bankruptcy may be the best bet for you. All depends on your personal situation. I did go through bankruptcy. It was actually the best thing. Relieved a tremendous amount of stress and eliminated most of the debt. New laws passed in the US since I went through it make the process much more difficult and the ability to simply flush all debt is gone. As for the tax bill, that cannot be eliminated. |
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ianmat
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Speak to an insolvency practitioner. It sounds like you should consider an IVA/bankruptcy. The new rules are a lot better for the debtor than the old rules.
Give yourself a fresh start - it is not an easy route to take, but you have ben travelling a long hard road already.
Best of luck. |
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Emma W
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You need to look at where your money is going. Where can you trim the fat? |
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confused
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could you not sell some things you own..eg: some clothes, personal possessions, car etc..... |
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scallywag
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I'd suggest you contact the citizens advice bureau. Their services are free and they have lots of experience dealing with people in similar situations. It is possible that you may be able to get a reduced amount taken out by the CSA. Also, it may be possible that you may be able to reschedule your mortgage repayments. Whatever you do, don't take out any further borrowings or pay anyone to give you any advice until you have spoken with the citizens advice bureau or the other charity debt companies that do not charge for instance, national debt line or consumer credit counselling service.
I wish you all the best. |
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tracy w
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I feel for you. Myself and my partner are both paying off debts that we 'inherited' from our ex partners, and he also struggles to pay the ridiculous amount that the CSA take from him each month. You are already doing two jobs, so the only thing I can think of it to approach the Inland Revenue and ask them if they would allow you to pay your tax bill in instalments. The Citizens Advice Bureau will also be able to point you in the right direction with regards to talking to someone about managing and perhaps reducing your debts if that is what you need to do. I wish you the very best. |
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Leighbucks
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The best advice is from Mary Hunt; she has a website and has written a few books. Devore into it with all your heart. There is a yearly fee to be a member of the site, but I have a web address where you can get six monthes for free.
DebtProofLiving.com/DPL6Free
She will tell you how to turn your life around and how to do this in years as compared to an eternity. Start at DPL Boot Camp, it is a choice on the left hand side. After you read everything and you still have questions you can e-mail her. Her advice is very real b/c she was at one time where we all have been. In dept to our eveballs. |
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